Soltis Investment Advisors LLC Acquires New Stake in Lululemon Athletica Inc. (NASDAQ:LULU)

Soltis Investment Advisors LLC acquired a new stake in shares of Lululemon Athletica Inc. (NASDAQ:LULU) in the first quarter, HoldingsChannel reports. The firm acquired 775 shares of the apparel retailer’s stock, valued at approximately $303,000.

A number of other large investors also recently bought and sold shares of LULU. Ritholtz Wealth Management purchased a new stake in shares of Lululemon Athletica in the 4th quarter worth $221,000. Blue Trust Inc. lifted its holdings in shares of Lululemon Athletica by 170.5% in the 4th quarter. Blue Trust Inc. now owns 165 shares of the apparel retailer’s stock worth $84,000 after buying an additional 104 shares during the period. AdvisorNet Financial Inc lifted its holdings in shares of Lululemon Athletica by 67.0% in the 4th quarter. AdvisorNet Financial Inc now owns 147 shares of the apparel retailer’s stock worth $75,000 after buying an additional 59 shares during the period. Miracle Mile Advisors LLC lifted its holdings in shares of Lululemon Athletica by 30.1% in the 4th quarter. Miracle Mile Advisors LLC now owns 1,021 shares of the apparel retailer’s stock worth $522,000 after buying an additional 236 shares during the period. Finally, Pinnacle Financial Partners Inc lifted its holdings in shares of Lululemon Athletica by 1.9% in the 4th quarter. Pinnacle Financial Partners Inc now owns 1,263 shares of the apparel retailer’s stock worth $646,000 after buying an additional 23 shares during the period. Hedge funds and other institutional investors own 85.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on LULU shares. Wells Fargo & Company lowered their target price on Lululemon Athletica from $425.00 to $350.00 and set an “equal weight” rating for the company in a report on Thursday, June 6th. BTIG Research started coverage on Lululemon Athletica in a research report on Wednesday, May 8th. They issued a “buy” rating and a $425.00 price target for the company. TD Securities reduced their price target on Lululemon Athletica from $515.00 to $437.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. Piper Sandler reduced their price target on Lululemon Athletica from $525.00 to $470.00 and set an “overweight” rating for the company in a research report on Tuesday, April 9th. Finally, Barclays reduced their price target on Lululemon Athletica from $395.00 to $338.00 and set an “equal weight” rating for the company in a research report on Thursday, June 6th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $406.68.

Lululemon Athletica Stock Down 5.2 %

Shares of LULU traded down $13.05 during mid-day trading on Friday, reaching $236.00. The company had a trading volume of 3,097,868 shares, compared to its average volume of 2,352,833. Lululemon Athletica Inc. has a 52-week low of $234.69 and a 52-week high of $516.39. The stock has a market capitalization of $29.50 billion, a P/E ratio of 18.93, a PEG ratio of 1.25 and a beta of 1.26. The stock has a 50 day moving average of $294.31 and a two-hundred day moving average of $370.05.

Lululemon Athletica (NASDAQ:LULU) last issued its earnings results on Wednesday, June 5th. The apparel retailer reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.16. Lululemon Athletica had a return on equity of 42.64% and a net margin of 16.09%. The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the prior year, the business earned $2.28 earnings per share. The company’s revenue was up 10.4% compared to the same quarter last year. On average, sell-side analysts expect that Lululemon Athletica Inc. will post 14.22 earnings per share for the current year.

Lululemon Athletica declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the apparel retailer to reacquire up to 2.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

About Lululemon Athletica

Lululemon Athletica Inc, together with its subsidiaries, designs, distributes, and retails athletic apparel, footwear, and accessories under the lululemon brand for women and men. It offers pants, shorts, tops, and jackets for healthy lifestyle, such as yoga, running, training, and other activities. It also provides fitness-inspired accessories.